After 9 years of starting a family and raising children in this lovely little Cape Cod near Como Park, the sellers decided it was time to move on to a larger home more suitable for their growing lifestyle. The house Tim helped them buy all those years ago would be put up for sale in June after some hard work decluttering and preparing with fresh paint and some other minor repairs. With two little ones and busy schedules, it would be a lot of late nights and hard work meeting the house-preparation goals for these sellers. Let’s face it, it’s not always easy.
But these sellers were determined to make it happen to the best of their ability. They were steadfast in their goal of accomplishing a certain sale price that they had in mind, and were hoping for a contract before July, which would be beneficial in helping them line up their next home. They nailed most, if not all, of the items on the staging and prep list when they decided it was time to ask Tim to line up the photographer and move forward with marketing the listing. In the peak of spring in a market clearly favoring sellers, and always trying to get as much money for his sellers as the market will allow, Tim recommended they shoot for $275,000.
If you are a regular reader of these blogs or have some knowledge of Tim’s sales record, you probably are expecting to hear that the house sold for over list price and in multiple offers. But that is not how all these cases turn out. If they all read that hunky-dory, we wonder, would anyone really even believe it? Well, this one took 14 showings and 15 days to sell, and it wound up a hair under $270,000. Mind you, 15 days was still nearly 4 times faster than the average days on market during the time of this listing. And the sellers were relieved to comfortably get the sale price they had hoped for, and a little more.
So all in all, a pretty good result, although it was the 2nd slowest sale among all of Tim’s listings in 2017. Could it have been better? As with all his listings, Tim always takes stock to see if there is anything to be learned and applied in the future. On this listing, while there was plenty of painting, staging and maintenance items that Tim and his stager recommended the sellers address, there were some deferred maintenance items that Tim recommended the sellers not address. For example, the front and side-door stoops were showing their age, the hardwood floors had a lot of wear, and the kitchen had some less-than-ideal characteristics.
In a slightly different market and during a different time of year, Tim would have likely pushed to have the sellers do these and perhaps a few more things. But under the pressure of trying to get the home ready and listed well before July 4, when buyer activity tends to slow down a bit, and under the sellers’ preferred time, energy and budget constraints, Tim eliminated some of these items from the sellers’ to-do list.
Tim made the calculation that, while some buyers may pass on the house due to some of these items being as-is, ultimately doing them would exceed the seller’s threshold and not impact the end result. In the end, that seemed to be the case–given the comparable recent sales prices and prices of subsequent sales, it did not seem likely they impacted the result of this sale, which by any measure was a success. But judging from the feedback and the time it took to generate an offer from 14 showings, Tim obtained some important insights that could be applied to future listings in a slightly more balanced market. And it is that astute observation and collection of insights over a 15+ year career that plays such a key role in Tim’s success with listings.
LIST PRICE: $275,000
SALE PRICE: $267,800
MARKET TIME: SOLD IN 15 DAYS
sold June 2017
For complete photos and specs on this property please click: http://www.spacecrafting.com/f1ej7
For more information on today’s market please email tim at email@example.com or call him at 612.327.7657.